Economic News: Manufacturing Sector Strong In Midwest, Jobless Claims Down
- The Federal Reserve Bank of Kansas City’s manufacturing index rose to +31 in April from +26 in March. The growth was driven by higher activity levels at durable goods plants, especially for primary and fabricated metals, and transportation equipment manufacturing, the bank said. Month-over-month indexes for production and employment reached record high levels while shipments, employee workweek, order backlog, and new orders for exports expanded at a faster pace this month. Read the full report here.
- According to the U.S. Department of Labor, 547,000 individuals filed for federal unemployment benefits during the week that ended April 17, a decrease of 39,000 from the previous week. This is the lowest level for initial claims since March 14, 2020. The four-week moving average of first-time claims was 651,000, a decrease of 27,750 from the previous week. That figure also was at its lowest level since March 14, 2020.
- In other news: the Conference Board Leading Economic Index for the United States increased 1.3 percent in March to 111.6 and the Federal Reserve Bank of Chicago’s National Activity Index was +1.71 in March, up from -1.20 in February; new homes sales in the United States increased 20.7 percent between February 2021 and March 2021 and 66.8 percent from March 2020 and March 2021; existing home sales fell 3.7 percent for the month and 28.2 percent year-over-year.